@article{traini_goldman_lewellen_2022, title={Aggressive Tax Planning and Labor Investments}, ISSN={["2160-4061"]}, DOI={10.1177/0148558X221089638}, abstractNote={We examine the association between aggressive tax planning and labor investment efficiency among U.S. firms. Labor is an important input to production that is material to many firms, and prior research suggests that inefficient labor investments can negatively affect future profitability and growth. We provide evidence that firms engaging in aggressive tax planning are associated with deviations from expected labor investments, which is indicative of labor investment inefficiency. We find that our results are concentrated in labor underinvestment, consistent with risks and uncertainties from aggressive tax planning making firms more cautious when investing. Our findings are strongest among firms with greater tax risk, higher labor costs, and weaker corporate governance. Our study contributes to the literature examining tax planning consequences by providing evidence that a tradeoff exists between aggressive tax planning and investments in labor. Therefore, our results suggest that managers should carefully consider the cash flow benefits of tax planning in conjunction with the potential effects of lower labor investments to ensure that the overall long-term effect of the tax strategy is value-increasing.}, journal={JOURNAL OF ACCOUNTING AUDITING AND FINANCE}, author={Traini, Simone and Goldman, Nathan C. and Lewellen, Christina M.}, year={2022}, month={Apr} }
 @article{lewellen_2022, title={Tax haven incorporation and financial reporting transparency}, ISSN={["1573-7136"]}, DOI={10.1007/s11142-022-09676-2}, journal={REVIEW OF ACCOUNTING STUDIES}, author={Lewellen, Christina M.}, year={2022}, month={Apr} }
 @article{beasley_goldman_lewellen_mcallister_2021, title={Board Risk Oversight and Corporate Tax-Planning Practices}, volume={33}, ISSN={["1558-8033"]}, DOI={10.2308/JMAR-19-056}, abstractNote={
 Risk oversight by the board of directors is a key component of a firm's enterprise risk management framework, and recently, boards have paid more attention to their firm's tax-planning activities. In this study, we use a hand-collected sample of proxy statement disclosures about the board's role in risk oversight and provide evidence that risk oversight is negatively associated with both tax uncertainty and overall tax burdens. We find that risk oversight is most strongly associated with positions that yield permanent tax benefits and also with less risky tax-planning activities. Overall, the evidence suggests that board risk oversight is associated with more effective tax-planning practices.}, number={1}, journal={JOURNAL OF MANAGEMENT ACCOUNTING RESEARCH}, author={Beasley, Mark S. and Goldman, Nathan C. and Lewellen, Christina M. and McAllister, Michelle}, year={2021}, pages={7–32} }
 @article{lewellen_mauler_watson_2021, title={Tax Haven Incorporation and the Cost of Capital*}, ISSN={["1911-3846"]}, DOI={10.1111/1911-3846.12703}, abstractNote={Incorporating the firm’s corporate parent in a tax haven is a major decision that receives significant attention from many stakeholders, yet certain implications of this corporate strategy remain unclear. While tax haven incorporation offers tax savings, it also imposes risks that are potentially costly and hence important to consider. We predict and find a higher cost of equity capital in firms with parent companies that are incorporated in tax havens but that are primarily based in nonhaven countries. We also predict and find that the observed cost of equity premium is more pronounced in firms with greater tax risk, firm-level information risk, and country-level legal risk. We also employ corporate inversions in a difference-in-differences test and again find a positive relation between tax haven parent incorporation and the cost of capital. Our findings imply that an increased cost of capital is a material cost of tax haven parent incorporation. We contribute to the literatures on valuation of tax haven use, tax and nontax costs of corporate tax strategies, corporate inversions, and the relation between taxes and the cost of capital. Our study provides evidence on the tax and nontax risks of a uniquely observable tax strategy (i.e., tax haven parent incorporation) that could factor into firms’ decisions about whether to incorporate in a tax haven and policymakers’ efforts to deter such activity.}, journal={CONTEMPORARY ACCOUNTING RESEARCH}, author={Lewellen, Christina M. and Mauler, Landon and Watson, Luke}, year={2021}, month={Sep} }
 @article{atwood_lewellen_2019, title={The Complementarity between Tax Avoidance and Manager Diversion: Evidence from Tax Haven Firms}, volume={36}, ISSN={["1911-3846"]}, DOI={10.1111/1911-3846.12421}, abstractNote={ABSTRACT}, number={1}, journal={CONTEMPORARY ACCOUNTING RESEARCH}, author={Atwood, T. J. and Lewellen, Christina}, year={2019}, month={Mar}, pages={259–294} }