{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/97698"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/97698","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Is tax return information useful to equity investors?","abstract":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2019-05-01","abstract_html":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2019-05-01","abstract_has_math":false,"creators":["Demere, Paul M"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Lisowsky, Petro","Donohoe, Michael","Sougiannis, Theodore","Johnson, Timothy"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2017,"date_issued":"2017-08-10T20:32:53Z","date_published":"2017-08-10T20:32:53Z","updated_at":"2026-07-22T22:24:34Z","subjects":["Tax return information","Syndicated loans","Tax expense valuation","Tax anomaly returns"],"languages":["en"],"rights":["Copyright 2017 Paul Demere"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/97698","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Lisowsky, Petro","Donohoe, Michael","Sougiannis, Theodore","Johnson, Timothy"]},{"key":"dc:creator","label":"Author","values":["Demere, Paul M"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2017-08-10T20:32:53Z","2019-08-11T09:15:17Z","2017-04-14","2017-05"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Tax return information","Syndicated loans","Tax expense valuation","Tax anomaly returns"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2017 Paul Demere"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/97698"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2019-05-01","The student, Paul Demere, accepted the attached license on 2017-04-13 at 15:48.","In this study, I examine whether tax return information is incrementally useful to equity investors relative to publicly-available information, such as financial statements. To test this relation, I exploit unique features of the syndicated loan market, as prior literature shows that lenders obtain tax returns from borrowers, and that lenders’ private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find economically significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated loans, consistent with equity investors finding information about firm performance in tax returns that is useful for their trading decisions. I also document that tax returns are a valuable information source that can motivate institutional investor participation in loan syndicates. This study informs the important, ongoing policy debate over public disclosure of corporate tax return information and extends prior research by showing that investors use information from tax returns incremental to information in financial statements.","The student, Paul Demere, submitted this Dissertation for approval on 2017-04-13 at 15:56.","This Dissertation was approved for publication on 2017-04-14 at 09:10.","DSpace SAF Submission Ingestion Package generated from Vireo submission #10747 on 2017-08-10 at 15:05:31","Made available in DSpace on 2017-08-10T20:32:53Z (GMT). No. of bitstreams: 2 DEMERE-DISSERTATION-2017.pdf: 638690 bytes, checksum: 22cdcaae0f67b2d494d6dac6ca0914c2 (MD5) LICENSE.txt: 4208 bytes, checksum: 0d7a812c812c7d31113612283d9d3635 (MD5) Previous issue date: 2017-04-14","Embargo set by: Colleen Fallaw for item 102751 Lift date: 2019-08-10T21:27:21Z Reason: Author requested U of Illinois access only (OA after 2yrs) in Vireo ETD system","U of I Only Restriction Lifted for Item 102751 on 2019-08-11T09:15:17Z."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Is tax return information useful to equity investors?"]}]}],"canonical_facts":{"dc:contributor":["Lisowsky, Petro","Donohoe, Michael","Sougiannis, Theodore","Johnson, Timothy"],"dc:creator":["Demere, Paul M"],"dc:date":["2017-08-10T20:32:53Z","2019-08-11T09:15:17Z","2017-04-14","2017-05"],"dc:description":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2019-05-01","The student, Paul Demere, accepted the attached license on 2017-04-13 at 15:48.","In this study, I examine whether tax return information is incrementally useful to equity investors relative to publicly-available information, such as financial statements. To test this relation, I exploit unique features of the syndicated loan market, as prior literature shows that lenders obtain tax returns from borrowers, and that lenders’ private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find economically significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated loans, consistent with equity investors finding information about firm performance in tax returns that is useful for their trading decisions. I also document that tax returns are a valuable information source that can motivate institutional investor participation in loan syndicates. This study informs the important, ongoing policy debate over public disclosure of corporate tax return information and extends prior research by showing that investors use information from tax returns incremental to information in financial statements.","The student, Paul Demere, submitted this Dissertation for approval on 2017-04-13 at 15:56.","This Dissertation was approved for publication on 2017-04-14 at 09:10.","DSpace SAF Submission Ingestion Package generated from Vireo submission #10747 on 2017-08-10 at 15:05:31","Made available in DSpace on 2017-08-10T20:32:53Z (GMT). No. of bitstreams: 2 DEMERE-DISSERTATION-2017.pdf: 638690 bytes, checksum: 22cdcaae0f67b2d494d6dac6ca0914c2 (MD5) LICENSE.txt: 4208 bytes, checksum: 0d7a812c812c7d31113612283d9d3635 (MD5) Previous issue date: 2017-04-14","Embargo set by: Colleen Fallaw for item 102751 Lift date: 2019-08-10T21:27:21Z Reason: Author requested U of Illinois access only (OA after 2yrs) in Vireo ETD system","U of I Only Restriction Lifted for Item 102751 on 2019-08-11T09:15:17Z."],"dc:format":["application/pdf"],"dc:identifier":["http://hdl.handle.net/2142/97698"],"dc:language":["en"],"dc:rights":["Copyright 2017 Paul Demere"],"dc:subject":["Tax return information","Syndicated loans","Tax expense valuation","Tax anomaly returns"],"dc:title":["Is tax return information useful to equity investors?"],"dc:type":["text"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:24:34Z"}