in year less in year scaled by in year is the country-industry-year AT t-1 CEQ t-1, AT t-1. MedPEt-1 median price to earnings ratio reported by in year is scaled by WorldScope t-1. CFt-1 CFOt-1 ATt-2. is the natural log of is income before extraordinary items (IB) scaled by LogATt-1 ATt-1. ROAt-1 ATt-1. G is a firm-specific measure of sensitivity to tax rates calculated as negative one multiplied by the sum of estimated and from estimating the following regression using affiliate-level data: β7 β11 ln(i + 1) = + + + + + β0 β1*ln(TangibleAssetsit) β2*ln(CompExpit) β3*IndustryROAt β4*Ageit β5*∆GDPt + + + + + + + β6*∆MarketSizet β7*Cit β8*Lossit β9*Lossit*Cit β10,f*Firmf β11,f*Firmf*Cit β12,f*Firmf*Lossit + + β13,f*Firmf*Lossit*Cit εit. ***, **, and * represent (one-tailed) statistical significance at the 1, 5, and 10 percent levels, respectively. All variables are winsorized at 1 and 99 percent.
AT in year t-1 less CEQ in year t-1, scaled by AT in year t-1. MedPEt-1 is the country-industry-year median price to earnings ratio reported by WorldScope in year t-1. CFt-1 is CFOt-1 scaled by ATt-2. LogATt-1 is the natural log of ATt-1. ROAt-1 is income before extraordinary items (IB) scaled by ATt-1. G is a firm-specific measure of sensitivity to tax rates calculated as negative one multiplied by the sum of estimated β7 and β11 from estimating the following regression using affiliate-level data: ln(i + 1) = β0 + β1*ln(TangibleAssetsit) + β2*ln(CompExpit) + β3*IndustryROAt + β4*Ageit + β5*∆GDPt + β6*∆MarketSizet + β7*Cit + β8*Lossit + β9*Lossit*Cit + β10,f*Firmf + β11,f*Firmf*Cit + β12,f*Firmf*Lossit + β13,f*Firmf*Lossit*Cit + εit. ***, **, and * represent (one-tailed) statistical significance at the 1, 5, and 10 percent levels, respectively. All variables are winsorized at 1 and 99 percent.
NTA2017-86.docx