nep-acc New Economics Papers
on Accounting and Auditing
Issue of 2023‒02‒06
two papers chosen by
Alexander Harin
Modern University for the Humanities

  1. Lebanon: Technical Assistance Report on Putting Tax Policy Back on Track By International Monetary Fund
  2. Disclosing the Undisclosed: Commercial Paper As Hidden Liquidity Suffers By Sven Klingler; Olav Syrstad

  1. By: International Monetary Fund
    Abstract: Lebanon’s tax revenue more than halved between 2019 and 2021, in the face of the deepest economic crisis since the end of the civil war. This report identifies tax policy reform options to stop the drain on Lebanon’s tax revenue in the immediate and near-terms and to move toward a more efficient, effective, and inclusive tax system in the medium-term.
    Keywords: Tax Reform Crisis and Taxation VAT Efficiency Inequality
    Date: 2023–01–13
  2. By: Sven Klingler; Olav Syrstad
    Abstract: Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, companies optimize their disclosed liquidity buffers and strategically repay CP debt if doing so strengthens common accounting ratios, such as the current ratio. Unlike other CP issuers, firms that repay their CP debt neither hold lower cash buffers nor use CP as bridge financing, suggesting an alternative role of CP debt as "hidden liquidity buffer".
    Keywords: Commercial paper, balance sheet management, disclosure, cash management, window dressing
    JEL: G32 G23 G14
    Date: 2021–12–16

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