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Is There Information Content in the Tax Footnote?
Jana Smith Raedy
University of North Carolina at Chapel Hill
Jeri K. Seidman
University of Texas at Austin - McCombs School of Business
Douglas A. Shackelford
University of North Carolina at Chapel Hill; National Bureau of Economic Research (NBER); University of North Carolina (UNC) at Chapel Hill - Accounting Area
February 10, 2011
2011 American Taxation Association Midyear Meeting Paper: JATA Conference
McCombs Research Paper Series No. ACC-01-11
Abstract:
Prior studies show that aggregated book-tax differences have information content that is incremental to pre-tax book income. We test whether the detailed book-tax difference disclosures from statements of deferred tax position and rate reconciliations have information content that is incremental to the aggregate book-tax difference. Using hand-collected data from the Fortune 250 from 1993 to 2007, we find little evidence that the equity markets price different book-tax differences differently, consistent with no incremental information content. Further work is needed to explain why the sum of the book-tax differences matter to investors, but the parts do not.
Number of Pages in PDF File: 51
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Date posted: February 11, 2011
; Last revised: September 20, 2012
Suggested CitationRaedy, Jana Smith, Seidman, Jeri K. and Shackelford, Douglas A., Is There Information Content in the Tax Footnote? (February 10, 2011). 2011 American Taxation Association Midyear Meeting Paper: JATA Conference; McCombs Research Paper Series No. ACC-01-11. Available at SSRN: http://ssrn.com/abstract=1759266 or http://dx.doi.org/10.2139/ssrn.1759266
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