Pricing Offshore Services: Evidence from the Paradise Papers

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dc.contributor.advisorGebbie, Timothy
dc.contributor.advisorRajaratnam, Kanshukan
dc.contributor.authorGawronsky, Marcus
dc.date.accessioned2022-10-21T11:17:21Z
dc.date.available2022-10-21T11:17:21Z
dc.date.issued2021
dc.date.updated2022-10-21T07:11:19Z
dc.description.abstractThe Paradise Papers represent one of the largest public data leaks comprising 13.4 million con_dential electronic documents. A dominant theory presented by Neal (2014) and Gri_th, Miller and O'Connell (2014) concerns the use of these offshore services in the relocation of intellectual property for the purposes of compliance, privacy and tax avoidance. Building on the work of Fernandez (2011), Billio et al. (2016) and Kou, Peng and Zhong (2018) in Spatial Arbitrage Pricing Theory (s-APT) and work by Kelly, Lustig and Van Nieuwerburgh (2013), Ahern (2013), Herskovic (2018) and Proch_azkov_a (2020) on the impacts of network centrality on _rm pricing, we use market response, discussed in O'Donovan, Wagner and Zeume (2019), to characterise the role of offshore services in securities pricing and the transmission of price risk. Following the spatial modelling selection procedure proposed in Mur and Angulo (2009), we identify Pro_t Margin and Price-to-Research as firm-characteristics describing market response over this event window. Using a social network lag explanatory model, we provide evidence for social exogenous effects, as described in Manski (1993), which may characterise the licensing or exchange of intellectual property between connected firms found in the Paradise Papers. From these findings, we hope to provide insight to policymakers on the role and impact of offshore services on securities pricing.
dc.identifier.apacitationGawronsky, M. (2021). <i>Pricing Offshore Services: Evidence from the Paradise Papers</i>. (). ,Faculty of Science ,Department of Statistical Sciences. Retrieved from http://hdl.handle.net/11427/36849en_ZA
dc.identifier.chicagocitationGawronsky, Marcus. <i>"Pricing Offshore Services: Evidence from the Paradise Papers."</i> ., ,Faculty of Science ,Department of Statistical Sciences, 2021. http://hdl.handle.net/11427/36849en_ZA
dc.identifier.citationGawronsky, M. 2021. Pricing Offshore Services: Evidence from the Paradise Papers. . ,Faculty of Science ,Department of Statistical Sciences. http://hdl.handle.net/11427/36849en_ZA
dc.identifier.ris TY - Master Thesis AU - Gawronsky, Marcus AB - The Paradise Papers represent one of the largest public data leaks comprising 13.4 million con_dential electronic documents. A dominant theory presented by Neal (2014) and Gri_th, Miller and O'Connell (2014) concerns the use of these offshore services in the relocation of intellectual property for the purposes of compliance, privacy and tax avoidance. Building on the work of Fernandez (2011), Billio et al. (2016) and Kou, Peng and Zhong (2018) in Spatial Arbitrage Pricing Theory (s-APT) and work by Kelly, Lustig and Van Nieuwerburgh (2013), Ahern (2013), Herskovic (2018) and Proch_azkov_a (2020) on the impacts of network centrality on _rm pricing, we use market response, discussed in O'Donovan, Wagner and Zeume (2019), to characterise the role of offshore services in securities pricing and the transmission of price risk. Following the spatial modelling selection procedure proposed in Mur and Angulo (2009), we identify Pro_t Margin and Price-to-Research as firm-characteristics describing market response over this event window. Using a social network lag explanatory model, we provide evidence for social exogenous effects, as described in Manski (1993), which may characterise the licensing or exchange of intellectual property between connected firms found in the Paradise Papers. From these findings, we hope to provide insight to policymakers on the role and impact of offshore services on securities pricing. DA - 2021_ DB - OpenUCT DP - University of Cape Town KW - Paradise Papers KW - Social Network Econometrics KW - Spatial Arbitrage Pricing Theory LK - https://open.uct.ac.za PY - 2021 T1 - Pricing Offshore Services: Evidence from the Paradise Papers TI - Pricing Offshore Services: Evidence from the Paradise Papers UR - http://hdl.handle.net/11427/36849 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/36849
dc.identifier.vancouvercitationGawronsky M. Pricing Offshore Services: Evidence from the Paradise Papers. []. ,Faculty of Science ,Department of Statistical Sciences, 2021 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/36849en_ZA
dc.language.rfc3066eng
dc.publisher.departmentDepartment of Statistical Sciences
dc.publisher.facultyFaculty of Science
dc.subjectParadise Papers
dc.subjectSocial Network Econometrics
dc.subjectSpatial Arbitrage Pricing Theory
dc.titlePricing Offshore Services: Evidence from the Paradise Papers
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationlevelMSc
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