The valuation of the foreign income of US multinational firms: a growth opportunities perspective

Article Abstract:

The value-relevance of foreign income for US multinational corporations was explained by investigating the relationships between annual abnormal stock performance and changes in the companies' domestic and foreign incomes. Results showed that both foreign and domestic earnings changes have significant positive relationships with annual excess return measures. However, the relationship coefficient on foreign income is much larger than the relationship coefficient on domestic income.

Multinational Corporations, Profits, International business enterprises, Corporate profits

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Stock price effects of the allowance of LIFO for tax purposes

Article Abstract:

The possible tax gains have been integrated into stock prices when LIFO was included in the tax legislation. A favorable net market reaction to the inclusion of LIFO in the tax code has been found for companies with the most significant amount of LIFO tax benefits. The introduction and approval of the tax law amendment incorporating LIFO appeared to be related to the significantly positive mean excess returns.

Tax Law, Public Finance Activities, Economic aspects, Securities, Taxation, Inventories, Inventory accounting

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