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This file contains the Active Haven data from Law and Mills (2022), “Taxes and Haven Activities: Evidence from Linguistic Cues,” The Accounting Review, 97(5), 349-375.
Coverage: Fiscal years 1993-2025. Fiscal year 2025 is not a full year. The file contains one observation per firm-year and keeps the latest filing when multiple filings exist for the same firm-year. The dataset includes GVKEY.
Main variable: activehaven equals one if either (1) the name of a tax haven country in a firm’s Exhibit 21 and a word from the Offshore Input Wordlist appear within 25 words of each other in the firm’s 10-K, or (2) the name of a tax haven country in a firm’s Exhibit 21 and a word from the Offshore Output Wordlist appear within 25 words of each other in the firm’s 10-K. The dataset also includes ex21haven, a standalone indicator for whether a firm lists any tax haven country in its Exhibit 21 subsidiary disclosure. Researchers who want a broad measure of tax haven presence, without the textual co-occurrence requirement, can use this variable directly.
Variables included
cik – SEC Central Index Key
gvkey – Compustat identifier
fyear – Fiscal year
activehaven – 1 if inputfromhaven or outputtohaven = 1
inputfromhaven – 1 if an input keyword and a haven country co-occur within 25 words
outputtohaven – 1 if an output keyword and a haven country co-occur within 25 words
ex21haven – 1 if any tax haven country appears in Exhibit 21
imputed – 1 if the year is filled by carrying forward from the prior observed filing, 0 if directly measured from a filing
Tax haven countries (47, British Virgin Islands added in v3): Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Costa Rica, Cyprus, Dominica, Gibraltar, Grenada, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Lebanon, Liberia, Liechtenstein, Luxembourg, Macau, Malaysia, Malta, Marshall Islands, Mauritius, Monaco, Montserrat, Nauru, Netherlands Antilles, Niue, Panama, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Seychelles, Singapore, Switzerland, Turks and Caicos Islands, and Vanuatu.
Please refer to the paper for construction details.
