Community perception, adaptation and resilience to extreme weather in the Yucatan Peninsula, Mexico

© 2020, The Author(s). Perceptions of climate change, the impacts of and responses to climatic variability and extreme weather are explored in three communities in the Yucatan Peninsula, Mexico, in relation to livelihood resilience. These communities provide examples of the most common livelihood strategies across the region: small-scale fisheries (San Felipe) and semi-subsistence small-holder farming (Tzucacab and Calakmul). Although the perception that annual rainfall is reducing is not supported by instrumental records, changes in the timing of vital summer rainfall and an intensification of the mid-summer drought (canicula) are confirmed. The impact of both droughts and hurricanes on livelihoods and crop yields was reported across all communities, although the severity varied. Changes in traditional milpa cultivation were seen to be driven by less reliable rainfall but also by changes in Mexico’s agricultural and wider economic policies. Diversification was a common adaptation response across all communities and respondents, resulting in profound changes in livelihood strategies. Government attempts to reduce vulnerability were found to lack continuity, be hard to access and too orientated toward commercial scale producers. Population growth, higher temperatures and reduced summer rainfall will increase the pressures on communities reliant on small-scale farming and fishing, and a more nuanced understanding of both impacts and adaptations is required for improved livelihood resilience. Greater recognition of such local-scale adaptation strategies should underpin the developing Mexican National Adaptation Policy and provide a template for approaches internationally as adaptation becomes an increasingly important part of the global strategy to cope with climate change

The Relation Between Financial and Tax Reporting Measures of Income

We examine the magnitude and sources of difference between income for tax and financial reporting purposes using publicly available data from 1988 to 1998. We find evidence that the book-tax income spread has generally increased over time, but that a relatively small set of variables are able to explain this increase. We also find that these same variables explain a large percentage of the variation in the book-tax spread across firms. While neither supporting, nor disproving, the existence and growth in tax sheltering behavior, the results do suggest that financial statement-based measures of income have become less representative of firms' taxable income

The Relation Between Financial and Tax Reporting Measures of Income

We examine the magnitude and sources of difference between income for tax and financial reporting purposes using publicly available data from 1988 to 1998. We find evidence that the book-tax income spread has generally increased over time, but that a relatively small set of variables are able to explain this increase. We also find that these same variables explain a large percentage of the variation in the book-tax spread across firms. While neither supporting, nor disproving, the existence and growth in tax sheltering behavior, the results do suggest that financial statement-based measures of income have become less representative of firms' taxable income.

Tax Fairness And Effective Tax Rates: A Tale Of Two Industries

Industries with low effective tax rates could reasonably expect to suffer as a result of legislation designed to increase tax fairness. We analyzed ETRs in two such industries, banking and oil and gas, over a period of time that included two major tax law shifts. Our results suggest that legislation designed to promote tax fairness affects industries in an idiosyncratic manner

MEASURING CORPORATE TAX RATES AND TAX INCENTIVES: A NEW APPROACH

Taxes play an important but underemphasized role in the valuation of a company and its projects. For example, the authors estimate that the expected tax benefits from interest deductions by all publicly traded U.S. corporations were responsible for almost $1.4 trillion of their total market value of$12.7 trillion in 1991. In the case of RJR's 1989 leveraged buyout alone, the capitalized value of the interest tax shield amounted to several billion dollars (or about 25%) of the company's market value. 1998 Morgan Stanley.

An Empirical Study of the Consequences of U.S. Tax Rules for International Acquisitions by U.S. Firms.

This article examines the effect of tax factors on the equity values of U.S. multinational corporations making foreign acquisitions. Abnormal stock returns are found to be related to a tax variable that captures differences in the international tax status of acquiring firms but not related to a naive tax variable that captures differences between tax rates in target countries and the United States. The authors' evidence suggests that aggregate intercountry differentials in after-tax returns are competed away, while firm-specific, tax-related advantages (or disadvantages) are reflected in abnormal returns around the announcement date of the acquisition. Copyright 1994 by American Finance Association.