本期推送包括三篇近期SSRN工作論文，具體如下：
1.Regression Analysis and Panel Data
JOACHIM LANDSTROM
Uppsala University
This paper discuss linear regression analysis applied on cross sections, on time-series, and on panel data. I also covers topics such as heteroscedastic errors, serially correlated errors with HC and HAC covariance matrices. For panel regressions it covers one- and two-way models, fixed effect, pooled and random effects model. The section on panel regressions also covers HC and HAC covariance matrices. Along with the discussion I also implement the discussion using R on accounting and stock market data.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3487658&dgcid=ejournal_htmlemail_research:methods:methodology:in:accounting:ejournal_abstractlink
2.An Evaluation of Alternative Multiple Testing Methods for Finance Applications
CAMPBELL R. HARVEY
Duke University
YAN LIU
Purdue University
ALESSIO SARETTO
University of Texas at Dallas
In almost every area of empirical finance, researchers are confronted with multiple tests. One high profile example is the identification of investment managers that outperform. Many beat their benchmarks purely by luck. Multiple testing methods are designed to control for luck. Factor selection is another glaring case. However, there are numerous other applications that do not get as much attention. Importantly, for example, in a simple regression model where, say, five variables are tested, a t-statistic of 2.0 is not enough to establish significance — because five variables were tried. Our paper provides a guide to various multiple testing methods and details a number of applications. We provide simulation evidence on the relative performance of different methods across a variety of testing environments. The goal of our paper is to provide a menu that researchers can choose from to improve inference in financial economics.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3480087&dgcid=ejournal_htmlemail_research:methods:methodology:in:accounting:ejournal_abstractlink
3.Corporate Tax Avoidance and the Real Effects of Taxation: A Review
ALISSA BRUEHNE
WHU - Otto Beisheim School of Management
MARTIN JACOB
WHU - Otto Beisheim School of Management
The tax literature of the past two decades has been dominated by empirical studies on corporate tax avoidance. What this literature lacks, however, are a quantitative synthesis of these studies and an in-depth discussion of potential convergences and divergences in empirical findings. To thoroughly evaluate empirical results, we provide a comprehensive theoretical framework that allows us to not only organize the vast tax avoidance literature, but also identify under-explored yet fruitful research areas. Specifically, we derive theoretical predictions on how various determinants affect the tax avoidance decision of a profit-maximizing firm. We further theoretically assess the consequences and real effects of tax avoidance. In a subsequent step, we link our theoretical predictions to a quantitative synthesis of all empirical tax avoidance studies published in the top accounting, finance, and economics journals over the last two decades. Combining theoretical predictions with a quantitative synthesis allows us to identify potential empirical inconsistencies and areas for future tax research.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3495496&dgcid=ejournal_htmlemail_research:methods:methodology:in:accounting:ejournal_abstractlink
