The valuation of the deferred tax liability: evidence from the stock market

Article Abstract:

Deferred tax liability is viewed by many investors as a genuine liability. The usefulness of deferred tax liability is being refuted due to the questionability of the procedure's ability to effect a settlement within a reasonable time frame through a reversal and reduction of liability. As a result of this argument, alternatives in the form of partial allocation or none deferral have been gaining support. The Financial Accounting Standards Board, however, continues to promote deferred tax liability through the use of comprehensive interperiod tax allocation. The views of investors regarding deferred tax liability were determined from a cross-sectional study of the effects of news releases regarding the Tax Reform Act of 1986 on unanticipated gains in stocks.

Liabilities (Accounting), Taxation, Deferred tax (Accounting)

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Insider trading and the exploitation of inside information: some empirical evidence

Article Abstract:

Insider trading has been shown to yield excess returns. Are these abnormal returns the result of disclosure of the trade itself, or are they caused by subsequent news disclosures that the insiders are privy to? Test results suggest that most of the abnormal returns are due to price changes arising from the information revealed in the trades themselves. The results also indicate that there is relatively little insider trading in anticipation of a new disclosure.

Management science, Stocks, Insider trading in securities, Insider trading (Securities)

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