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Edward L. Maydew – One of the best experts on this subject based on the ideXlab platform.
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How Much Will Firms Pay for Earnings That Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
The Accounting Review, 2004Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:We analyze a sample of firms accused of fraudulently overstating their earnings and examine the extent, if any, to which they paid Additional Income taxes on the allegedly fraudulent earnings. Based on restatements of current tax expense adjusted for the tax benefits of stock options, the evidence indicates that many firms included the overstated financial accounting Income on their tax returns, thus overpaying their taxes in the process of inflating their accounting earnings. We estimate that the median firm sacrificed eight cents in Additional Income taxes per dollar of inflated pretax earnings. In aggregate, we estimate that the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results indicate how far managers of firms are willing to go when allegedly inflating earnings.
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How Much Will Firms Pay for Earnings that Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
SSRN Electronic Journal, 2002Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:This paper examines the extent, if any, to which firms pay Additional Income taxes on allegedly fraudulent earnings. Our sample consists of firms that restated their financial statements in conjunction with SEC allegations of accounting fraud during the years 1996 to 2002. By examining firms that were accused of fraud by the SEC we obtain a relatively clean sample of earnings overstatements and avoid having to rely on models of earnings management. By further focusing on restatements, we are able to estimate how much Income tax was paid on the overstated earnings. The estimates in this paper represent the most direct evidence to date that firms are willing to sacrifice substantial cash to inflate their accounting earnings. Our detailed analysis of a sample of firms admitting to large earnings overstatements indicates that the mean firm sacrificed eleven cents in Additional Income taxes per dollar of inflated pre-tax earnings. In aggregate, the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results illustrate the stark trade-off faced by firms and managers contemplating earnings manipulation – the choice between (non-cash) accounting earnings and (cash) taxes.
Merle Erickson – One of the best experts on this subject based on the ideXlab platform.
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How Much Will Firms Pay for Earnings That Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
The Accounting Review, 2004Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:We analyze a sample of firms accused of fraudulently overstating their earnings and examine the extent, if any, to which they paid Additional Income taxes on the allegedly fraudulent earnings. Based on restatements of current tax expense adjusted for the tax benefits of stock options, the evidence indicates that many firms included the overstated financial accounting Income on their tax returns, thus overpaying their taxes in the process of inflating their accounting earnings. We estimate that the median firm sacrificed eight cents in Additional Income taxes per dollar of inflated pretax earnings. In aggregate, we estimate that the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results indicate how far managers of firms are willing to go when allegedly inflating earnings.
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How Much Will Firms Pay for Earnings that Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
SSRN Electronic Journal, 2002Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:This paper examines the extent, if any, to which firms pay Additional Income taxes on allegedly fraudulent earnings. Our sample consists of firms that restated their financial statements in conjunction with SEC allegations of accounting fraud during the years 1996 to 2002. By examining firms that were accused of fraud by the SEC we obtain a relatively clean sample of earnings overstatements and avoid having to rely on models of earnings management. By further focusing on restatements, we are able to estimate how much Income tax was paid on the overstated earnings. The estimates in this paper represent the most direct evidence to date that firms are willing to sacrifice substantial cash to inflate their accounting earnings. Our detailed analysis of a sample of firms admitting to large earnings overstatements indicates that the mean firm sacrificed eleven cents in Additional Income taxes per dollar of inflated pre-tax earnings. In aggregate, the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results illustrate the stark trade-off faced by firms and managers contemplating earnings manipulation – the choice between (non-cash) accounting earnings and (cash) taxes.
H. Von Blottnitz – One of the best experts on this subject based on the ideXlab platform.
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Potentialities of biogas installation in South African meat value chain for environmental impacts reduction
Journal of Cleaner Production, 2017Co-Authors: Valentina Russo, H. Von BlottnitzAbstract:Abstract Livestock farming in South Africa has expanded significantly, and thus there is a corresponding increasing need to properly manage the generated waste streams. Anaerobic digestion to produce biogas is becoming an increasingly popular technology choice for the treatment of organic wastes and wastewater. Energy production from the anaerobic digestion of manures and slaughterhouse wastes would reduce untreated waste disposal and provide Additional Income. This study investigated biogas plants potentialities to reduce emissions from poor waste management both at the feedlot and at the abattoir stage of the South Africa beef and pork value chain. Electricity generation from the biogas, and possibly usage of co-produced heat would further reduce GHG emissions by about 1.56 Mt CO2eq per year, reducing the carbon footprints of beef and pork by 10% and 30% respectively. Even more significant reductions of both AC and EU impacts should be achievable by avoiding mostly landfilling of wastes and over-fertilization of soils. Furthermore, the produced biogas, burned for generating electricity and heat used within the industries themselves, might make them self-sufficient from the national grid. The nutrient-rich digestate would be similar in quantity to imported fertilizers, reducing the cost of importing and possibly generating Additional Income.
O. Rasenko – One of the best experts on this subject based on the ideXlab platform.
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Tax Policy Towards the Oil Industry [Налоговая Политика По Отношению К Нефтяной Отрасли]
, 2018Co-Authors: Yuri Bobylev, O. RasenkoAbstract:The paper considers the state tax policy towards the oil industry of the Russian economy, analyzes possible measures of such a policy, including structural adjustment of the tax system and the introduction of a special tax on Additional Income. Various approaches to the construction of a tax on Additional Income have been analyzed, and an Additional tax on profits with a progressive tax rate has been proposed as the most preferable form of this tax. The paper formulates recommendations aimed at increasing the effectiveness of the tax system and creating the necessary conditions for the development of the oil industry.
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Налоговая Политика По Отношению К Нефтяной Отрасли (Tax Policy Towards the Oil Industry)
SSRN Electronic Journal, 2018Co-Authors: Yuri Bobylev, O. RasenkoAbstract:Russian Abstract: В работе рассматривается государственная налоговая политика по отношению к нефтяной отрасли экономики России, анализируются возможные меры такой политики, включая структурную перестройку налоговой системы и введение специального налога на дополнительный доход. Проанализированы различные подходы к построению налога на дополнительный доход, в качестве наиболее предпочтительной формы данного налога предложен дополнительный налог на прибыль с прогрессивной налоговой ставкой. Сформулированы рекомендации, направленные на повышение эффективности налоговой системы и создание необходимых условий для развития нефтяной отрасли. English Abstract: The paper considers the state tax policy towards the oil industry of the Russian economy, analyzes possible measures of such a policy, including structural adjustment of the tax system and the introduction of a special tax on Additional Income. Various approaches to the construction of a tax on Additional Income have been analyzed, and an Additional tax on profits with a progressive tax rate has been proposed as the most preferable form of this tax. The paper formulates recommendations aimed at increasing the effectiveness of the tax system and creating the necessary conditions for the development of the oil industry.
Michelle Hanlon – One of the best experts on this subject based on the ideXlab platform.
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How Much Will Firms Pay for Earnings That Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
The Accounting Review, 2004Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:We analyze a sample of firms accused of fraudulently overstating their earnings and examine the extent, if any, to which they paid Additional Income taxes on the allegedly fraudulent earnings. Based on restatements of current tax expense adjusted for the tax benefits of stock options, the evidence indicates that many firms included the overstated financial accounting Income on their tax returns, thus overpaying their taxes in the process of inflating their accounting earnings. We estimate that the median firm sacrificed eight cents in Additional Income taxes per dollar of inflated pretax earnings. In aggregate, we estimate that the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results indicate how far managers of firms are willing to go when allegedly inflating earnings.
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How Much Will Firms Pay for Earnings that Do Not Exist? Evidence of Taxes Paid on Allegedly Fraudulent Earnings
SSRN Electronic Journal, 2002Co-Authors: Merle Erickson, Michelle Hanlon, Edward L. MaydewAbstract:This paper examines the extent, if any, to which firms pay Additional Income taxes on allegedly fraudulent earnings. Our sample consists of firms that restated their financial statements in conjunction with SEC allegations of accounting fraud during the years 1996 to 2002. By examining firms that were accused of fraud by the SEC we obtain a relatively clean sample of earnings overstatements and avoid having to rely on models of earnings management. By further focusing on restatements, we are able to estimate how much Income tax was paid on the overstated earnings. The estimates in this paper represent the most direct evidence to date that firms are willing to sacrifice substantial cash to inflate their accounting earnings. Our detailed analysis of a sample of firms admitting to large earnings overstatements indicates that the mean firm sacrificed eleven cents in Additional Income taxes per dollar of inflated pre-tax earnings. In aggregate, the firms in our sample paid $320 million in taxes on overstated earnings of about $3.36 billion. These results illustrate the stark trade-off faced by firms and managers contemplating earnings manipulation – the choice between (non-cash) accounting earnings and (cash) taxes.