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Further publications: Hannes Winner (32 hits)

Industrial and Corporate Change, 2016, 25, (3), pp.447-455,
This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&As). This framework allows considering the variation in treatment intensities explicitly, and it does not call for an arbitrary definition of cutoff values in traded ownership shares to construct a binary treatment indicator. We demonstrate the usefulness of this approach using data from European M&As and by relying on the example of post-M&A employment effects. The empirical exercise reveals some heterogeneities over the whole distribution of acquired ownership shares and across different types of M&As and country groups.
Journal of Public Economics, 2015, pp.70-82,
Online since: 29.04.2015 0:00
Journal of Sports Economics, 2015, 16, (1), pp.59-85,
Online since: 29.04.2015 0:00
Christian Keuschnigg, Simon Loretz, Hannes Winner
in: Harald Badinger, Volker Nitsch (Eds.), Routledge Handbook of the Economics of European Integration
Book chapters, contributions to collected volumes, Taylor & Francis, London–New York, 2015, pp.295-311,
This survey summarises the state and development of European tax policy, in particular discussing the harmonisation progress in direct as well as indirect taxes. Based on an overview over the theoretical and empirical literature on tax competition, we further ask whether increased tax coordination is necessary to prevent a race to the bottom. We show that theoretical predictions on the outcome of tax competition are ambiguous, and the empirical evidence in this regard is inconclusive as well. This, in turn, gives rise to an only limited scope of stronger tax harmonisation.
Accounting and Business Research, 2014, 44, (3), pp.260-279
This paper studies the role of transfer pricing as a critical compliance issue. Specifically, we an-alyse whether and to what extent the perceived risk associated with transfer pricing responds to country-, industry- and firm-specific characteristics. Empirically, transfer pricing risk awareness is measured as a professional assessment reported by the person with ultimate responsibility for transfer pricing in their company. Based on a unique global survey conducted by a Big 4 ac-counting firm in 2007 and 2008, we estimate the number of firms reporting transfer pricing being the largest risk issue with regard to subsequent tax payments. We find that transfer pricing risk awareness depends on variables accounting for general tax and transfer pricing specific strat-egies, the types and characteristics of intercompany transactions the multinational firms are in-volved in, their individual transfer pricing compliance efforts and resources dedicated to trans-fer pricing matters.
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is positively associated with the corporate tax rate, and negatively with firm age. Further, we predict that the tax-induced advantage of debt is more important for older than for younger firms. To test these hypotheses empirically, we use a cross-section of 405,000 firms from 35 European countries and 126 NACE 3-digit industries. In line with previous research, we and that a firm's debt ratio increases with the corporate tax rate. Further, we observe that older firms exhibit smaller debt ratios than their younger counterparts. Finally, consistent with our theoretical model, we and a positive interaction between corporate taxation and firm age, indicating that the impact of corporate taxation on debt is increasing over a firm's lifetime.
Matthias Stockl, Hannes Winner
Körperschaftsbesteuerung und Unternehmensverschuldung: Evidenz aus einem Europaischen Firmenpanel (Capital Structure and Corporate Taxation: Empirical Evidence from European Panel Data (with English summary))
Journal of Economics and Statistics, 2013, 233, (2), pp.188-205,
Online since: 28.04.2015 0:00
International Review of Law and Economics, 2012, 32, (1), pp.119-128,
Online since: 15.10.2015 0:00